LONDON (Alliance News) - Gulfsands Petroleum PLC Tuesday said former Chief Executive Mahdi Sajjad, who was removed from his position in April, has claimed he his owed outstanding payments and did not agree to the change in his employment.
On April 14, Gulfsands appointed Alastair Beardsall as its executive chairman to replace Sajjad with immediate effect, but the company said Sajjad would remain a director of the company.
Sajjad had survived an attempt by Waterford Finance and Investment Ltd, Gulfsands' biggest shareholder, to remove him in February.
On Tuesday, Gulfsands said it had been advised by Mayer Brown International LLP, acting on behalf of Sajjad, that his removal as chief executive "constituted a material adverse change to Mr Sajjad's employment which he had not consented to" whilst claiming that Sajjad is owed "certain payments" that are due under his contract with Gulfsands.
Gulfsands said it is taking legal advice on the matter and said it will release further announcements when appropriate.
Still, Gulfsands shares were up 0.3% to 15.30 pence per share Tuesday morning.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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